Re: FBAR
Originally Posted by MidAtlantic
(Post 12173748)
So you just glance through the first statement and see the highest balance, make a note of it then change it if there is a higher balance on a subsequent statement. Do that as the year goes by and you have your answer.
The definition of financial interest includes: the United States person is the owner of record or holder of legal title. That is not you if you have a DB pension. I transferred 10k from a saving account to checking which was immediately wired out for a bill payment, the amount shown for the FBAR was including this 10k on both accounts but the actual balance was 10k less if that makes sense. Madness! FBAR wants the highest amounts shown (not balance) even if only for a nanosecond |
Re: FBAR
Originally Posted by audio
(Post 12173765)
Not what FinCEN told me.
I transferred 10k from a saving account to checking which was immediately wired out for a bill payment, the amount shown for the FBAR was including this 10k on both accounts but the actual balance was 10k less if that makes sense. Madness! FBAR wants the highest amounts shown (not balance) even if only for a nanosecond |
Re: FBAR
Originally Posted by MidAtlantic
(Post 12173748)
The definition of financial interest includes: the United States person is the owner of record or holder of legal title. That is not you if you have a DB pension.
"Financial interest" means an interest that could result in directly or indirectly receiving a pecuniary gain or sustaining a pecuniary loss as a result of ownership or interest in a business entity, or as a result of salary, gratuity, or other compensation or remuneration from any person. I was looking at DB similar to a US deferred salary scheme |
Re: FBAR
Originally Posted by mrken30
(Post 12173775)
Thanks, I was going by the US legal definition.
"Financial interest" means an interest that could result in directly or indirectly receiving a pecuniary gain or sustaining a pecuniary loss as a result of ownership or interest in a business entity, or as a result of salary, gratuity, or other compensation or remuneration from any person. |
Re: FBAR
Originally Posted by audio
(Post 12173765)
Not what FinCEN told me.
I transferred 10k from a saving account to checking which was immediately wired out for a bill payment, the amount shown for the FBAR was including this 10k on both accounts but the actual balance was 10k less if that makes sense. Madness! FBAR wants the highest amounts shown (not balance) even if only for a nanosecond "The maximum value of an account is a reasonable approximation of the greatest value of currency or nonmonetary assets in the account during the calendar year. Periodic account statements may be relied upon to determine the maximum value of the account, provided that the statements fairly reflect the maximum account value during the calendar year" |
Re: FBAR
I live in a community property State, should I have filed a form 114a ? the accounts are all in my name.
IRA Owners and Beneficiaries. An owner or beneficiary of an IRA is not required to report a foreign financial account held in the IRA. Participants in and Beneficiaries of Tax-Qualified Retirement Plans. A participant in or beneficiary of a retirement plan described in Internal Revenue Code ยง 401(a), 403(a), or 403(b) is not required to report a foreign financial account held by or on behalf of the retirement plan. I don't understand why 403(b)s are exempt but not 401(k)s. . Do UK pension accounts fall under either of these two option yet? I assume they are more like 401(k)s than 403(b)s |
Re: FBAR
Originally Posted by MidAtlantic
(Post 12173770)
Yes, that is what I was saying and meant.(ie the highest amount in your account at any point)
|
Re: FBAR
Originally Posted by audio
(Post 12173799)
No you were saying the highest balance
What is an 'Account Balance' An account balance is the amount of money in a financial repository, such as a checking account, at any given moment. |
Re: FBAR
Originally Posted by audio
(Post 12173799)
No you were saying the highest balance
|
Re: FBAR
Originally Posted by mrken30
(Post 12173792)
Do UK pension accounts fall under either of these two option yet? I assume they are more like 401(k)s than 403(b)s
|
Re: FBAR
FWIW here is what I have been doing for the last 30 years for FBAR
1. I don't report DB pensions 2. I make a note of the highest balance of each account from the monthly or quarterly statements. (If a balance has gone higher during the day then I don't know about it, just the daily line item on the statement is all I record) 3. If the sum of all the highest balances during the year on each account is >$10k then I'm going to file an FBAR 4. When filing an FBAR I report every single account no matter how little the highest balance was. |
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